Swedish fintech start-up Majority, which offers a mobile banking service for migrants in the US, has raised $19 million in seed funding.
The firm says the funds will be used to expand its suite of banking services and accelerate hiring.
Founded in 2019 as the first mobile banking service for migrants, Majority initially started operations in Texas and Florida, focused on the Nigerian and Cuban communities.
Its service is now available in all 50 US states as the fintech plots its expansion into new migrant communities across the country, with additional products for Mexicans, Cameroonians, Colombians, Ethiopians, Ghanaians and Kenyans.
”Given the current climate, we are thrilled to be in a strong position to ramp up our expansion plans and lead the way in building the best solutions for migrants to thrive in their new country,” says Magnus Larsson, founder and CEO at Majority.
The company also plans to expand internally and make hundreds of new hires over the next year.
Larsson adds: “Since we are a company of immigrants for immigrants, we also look forward to hiring diverse talent that exists within the different immigrant communities we serve. This is more important now than ever given that many have been hit hard by the pandemic.”
The funding round was led by New York-based venture capital firm Valar Ventures with participation from Avid Ventures, Heartcore Capital and a group of Nordic fintech unicorn founders.
“As veterans within the migrant tech sector, the team behind Majority has already established themselves as builders of disruptive solutions for the world’s immigrants,” says James Fitzgerald, founding partner at Valar Ventures.
“By supporting them for continued growth, we are confident that they will bring better and well-needed banking services to immigrants in the US.”